NEW YORK ( TheStreet) -- You can't ignore what's going on in the world, but you also can't be afraid of it, Jim Cramer told "Mad Money" viewers Tuesday as he opined on yet another global-induced market selloff.

Cramer said while some investors panic and sell, sell, sell when they see events like today's weak economic data in Japan, turmoil in Turkey and rising interest rates here at home, the smart ones harness the fear and use it for what it truly is -- a buying opportunity.

Cramer told viewers to stay vigilant and remember how just a year ago the markets were panicking over the collapse in Cyprus. Despite the doom and gloom that was predicted everywhere in the media, Cyprus was not the end of society as we know it and created, in fact, a great time to buy stocks. Cramer said he was ridiculed back then for being bullish in the middle of the crisis, but in the end he was right.

Smart investors have a plan for when the markets hit speed bumps like today, and that plan is to buy into stocks like Bristol-MyersSquibb ( BMY) and General Mills ( GIS), both of which fared well today.

The macro data is important, Cramer concluded, but it's also not all that's important. Individual earnings will always matter and the earnings of Bristol-Myers have nothing to do with Turkey or Japan.

Executive Decision: Gregory Ebel

In the "Executive Decision" segment, Cramer sat down with Gregory Ebel, president and CEO of Spectra Energy ( SE), an oil and natural gas pipeline purveyor that's at the heart of America's energy renaissance.

Ebel said that things continue to go well for Spectra and his company is planning to move even more assets to its master limited partnership by the end of this year, allowing for both a bigger distribution from the MLP as well as a larger dividend from their common stock in 2014 and beyond.

When asked about the company's much-anticipated pipeline from the Utica shale in Ohio directly into New York City, Ebel said the details have been worked out and Spectra will be paying about $1.2 billion to complete the last 15 miles of pipeline into the city. That may seem like a lot, Ebel admitted, but given that this is the first new pipeline to New York City in over 40 years, he said residents will save over $700 million a year in energy costs thanks to lower prices from increased supply.

Turning to the topic of increased competition from rail lines, Ebel said that while rail is a terrific interim solution, over the long term shipping oil and gas by pipeline is the safest and most economical way to go.

Ebel also commented on the continued delays in building the Keystone XL pipeline from Canada into the heart of the U.S. He still feels the pipeline will get built eventually, but is less optimistic. "It's not 90%-guaranteed anymore," he conceded.

Finally, when asked about natural gas liquids like propane and ethane, Ebel said those commodities will be rangebound for the next several years as new plants are built to process the increased supply. Until then, he said, more and more of those liquids will be exported.

Cramer continued his support for Spectra Energy, both the company and the MLP.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Mark Sebastian over the chart of CBOE Volatility Index ( VIX), commonly known as the VIX, a measure of the volatility, or fear, in the markets at large.

According to Sebastian's research, looking at the VIX in isolation will do little for investors, but when comparing it to the performance of the S&P 500 some patterns begin to emerge that can save investors a lot of money. In particular, Sebastian noted that before the market's declines in both 2010 and 2011, the S&P and the VIX displayed identical patterns.

Sebastian said that just before the flash crash in April 2010, the S&P had begun to trade sideways, making a series of lower lows; at the same time, the VIX began to surge higher. Immediately after, the markets fell, eventually to a level where the VIX began to stabilize, which signaled the time to buy back in.

July 2011 displayed the same pattern, with sideways market action, followed by an uptick in the VIX, then a market sell off, eventually leading to the VIX stabilizing, which signaled the bottom.

Sebastian's research displayed the same pattern in today's markets since April, with the S&P hovering and the VIX beginning to uptick.

Cramer said that while he's not yet sounding the alarm, Sebastian's work indicates investors cannot afford to be complacent. After each of the previous market declines, there were buying opportunities.

But given how fast those declines happened, there may not be time to sell and buy back in, so staying the course may still be a valid strategy.

Executive Decision: Tarek Sherif

In his second "Executive Decision" segment, Cramer sat down with Tarek Sherif, chairman and CEO of Medidata Solutions ( MDSO), a cloud computing company focused on helping biotech firms with their clinical trials. Shares of Medidata are up 74% so far in 2013.

Sherif said Medidata is a leader in the vertical cloud space and is helping more than 350 customers run their clinical trials better and more cost effectively. But the company is just scratching the surface, he said -- there are thousands of companies currently running clinical trials using legacy on-premise technology. By using Medidata, Sherif said, companies can cut costs, get to market faster an reduce risk all at the same time.

Medidata has been innovating for over a decade, said Sherif, and now more than ever companies need faster, more flexible software as many of the new, targeted therapies and drugs demand that quality of data in order to succeed. That's why Medidata works with big names like Abbott Laboratories ( ABT) and Amgen ( AMGN), along with hundreds of smaller companies.

Cramer said he's been remiss in not mentioning Medidata earlier and likes the company's growth trajectory.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer reminded viewers that leadership is everything. When a company loses a great leader, it may be time to head for the exits.

Cramer said time after time Day proved the skeptics wrong and turned Lulu from a cult yoga brand into a mainstream sports apparel franchise that could one day challenge Nike ( NIKE) for dominance.

But without Day at the helm, Cramer said investors are just left with a high-multiple stock, one with a questionable future. That's why he told viewers that on any bounce, it's time to ring the register.

At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.

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